Monday, February 28th, 2011
ORLANDO - Crossman & Company, a third-party retail leasing and management firm, presented the bi-annual ICSC Spring Florida Retail Report at the ICSC West Florida Idea Exchange in Tampa recently.
Crossman & Company has produced the report on behalf of ICSC for the past 15 years. The report includes contributions from over 45 separate companies throughout the state.
“We have seen a return to stability in the market in the first half of 2010,” said Justin Greider, the primary author of the report. “In nearly every market of the state we have seen the freefall of rents and occupancy leveling off, indicating we may have found the bottom of the market, though significant challenges still remain for owners and retailers alike.”
The report notes that rental rates for the entire state average $14.27 psf for year-end 2010, down nearly 15% from the peak in the first quarter of 2008. Occupancy has leveled off at 89%, a decrease of about 6% from its peak in 2006.
“The outlook for the next 6-12 months is one of cautious optimism,” Greider said, “People throughout the state are very positive, but the recovery is going to be long and slow, and there is still a lot of over-valued product that has to work its way through the system.”
No comments:
Post a Comment